IMG Media, the US-owned sports, entertainment and modelling group, is looking for a buyer for its two UK production companies, Tiger Aspect and Darlow Smithson.

It has hired a New York merchant bank, the Raine Group, to explore "strategic opportunities" for the two firms, including a potential sale. The pair are believed to be worth up to £40m.

Tiger Aspect's credits include The Catherine Tate Show; the Vicar of Dibley; Robin Hood; Mr Bean; Charlie and Lola; and Ross Kemp on Gangs. Darlow Smithson is a documentary specialist with credits including 9:11 The Falling Man, Touching the Void and Engineering Connections with Richard Hammond. IMG bought both companies in 2006.

The group said in a statement: "Media, entertainment and sports merchant bank, The Raine Group, has been hired to explore strategic alternatives for Tiger Aspect and Darlow Smithson. The IMG-owned production companies are assessing various alternatives, including a potential sale."

Possible buyers are said to include Sony Pictures Entertainment, NBC Universal, Discovery Communications and the private equity firm Vitruvian Partners.

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